Exhibit 99.1

Park Sterling Corporation Announces

Results for First Quarter 2016

Charlotte, NC – April 28, 2016 – Park Sterling Corporation (NASDAQ: PSTB), the holding company for Park Sterling Bank, today released unaudited results of operations and other financial information for the first quarter of 2016. Highlights at and for the three months ended March 31, 2016 include:

Three Month Highlights

“We are delighted to report strong operating results for the first quarter of 2016,” said James C. Cherry, Chief Executive Officer. “For the quarter, we achieved higher profitability driven by steady loan growth, stable core margins, and increasing operating efficiency. Our financial condition continues to be solid as asset quality remains superior and both capital and liquidity levels continue to be strong. For the three months ended March 31, 2016, we reported record adjusted net income of $6.2 million, or $0.12 per share, an increase of $1.4 million compared to adjusted net income of $4.8 million, or $0.11 per share, reported in the prior quarter. The adjusted return on average assets was 0.79%, an increase from 0.66% in the first quarter of 2015 and 0.77% in the fourth quarter of 2015. The ratio of adjusted operating expense, which excludes merger-related expenses and amortization of intangibles, to adjusted operating revenue, which excludes gains or losses on sale of securities, improved 240 basis points to 65.44% for the first quarter, compared to the prior quarter. The company posted 7% annualized organic loan growth, led by continued strong performance in our metropolitan markets. Asset quality remained strong, as nonperforming loans to total loans were 0.42% and nonperforming assets to total assets were 0.44% at March 31, 2016. Finally, capitalization also remained strong with total common equity to total assets at 11.08%, tangible common equity to tangible assets at 8.87% and Tier 1 leverage ratio at 9.76%.

We were very excited to complete our merger with First Capital Bancorp, Inc. on January 1, 2016, which included re-branding each of the eight new branches. Park Sterling is now even better positioned to compete in the attractive Richmond market given our strong local leadership team, experienced bankers, distinctive product capabilities, strong balance sheet and attractive branch network. The combined company today has approximately $3.2 billion in total assets and 57 banking offices across Virginia, the Carolinas and North Georgia, and benefits from having almost 88% of total deposits based in markets with projected population growth rates above the national average as reported by SNL.

On the capital management front, yesterday the board declared a quarterly dividend of $0.03 per common share, payable on May 24, 2016 to all shareholders of record as of the close of business on May 10, 2016. Future dividends will be subject to board approval. Additionally, during the first quarter we repurchased approximately 98,000 shares under our previously announced 2.2 million share repurchase program.

Overall, we are pleased to report these strong results as Park Sterling continues the commitment to build a full-service regional community bank.”

Financial Results

Income Statement – Three Months Ended March 31, 2016

Park Sterling reported net income of $2.7 million, or $0.05 per share, for the three months ended March 31, 2016 (“2016Q1”). This compares to net income of $3.8 million, or $0.09 per share, for the three months ended December 31, 2015 (“2015Q4”) and net income of $3.8 million, or $0.09 per share, for the three months ended March 31, 2015 (“2015Q1”). The decrease in net income from 2015Q4 and 2015Q1 resulted primarily from $5.2 million in merger-related costs, included in which is $3.9 million of termination costs of First Capital’s core processing contract. This increase in expenses was partially offset by an increase in net interest income and noninterest income associated with the merger of First Capital.

Park Sterling reported adjusted net income, which excludes merger-related expenses and gain or loss on sale of securities, of $6.2 million, or $0.12 per share, in 2016Q1. This compares to adjusted net income of $4.8 million, or $0.11 per share, in 2015Q4 and adjusted net income of $3.9 million, or $0.09 per share, in 2015Q1. Compared to 2015Q4 and 2015Q1, adjusted net income reflects higher net interest income and higher noninterest income partially offset by higher noninterest expense, much of which is associated with the merger with First Capital and organic loan growth.

Net interest income totaled $26.6 million in 2016Q1, which represents a $6.6 million, or 33%, increase from $20.0 million in 2015Q4 and a $6.2 million, or 30%, increase from $20.4 million in 2015Q1. Average total earning assets increased $581.3 million, or 26%, in 2016Q1 to $2.83 billion, compared to $2.25 billion in 2015Q4 and increased $677.7 million, or 31%, compared to $2.16 billion in 2015Q1. The increase in average total earning assets in 2016Q1 from 2015Q4 included an increase in average loans (including loans held for sale) of $568.9 million, or 33%, and an increase in average other earning assets of $11.1 million, or 25%, each as a result of the acquisition of First Capital. The increase in average total earning assets in 2016Q1 from 2015Q1 resulted primarily from a $672.3 million, or 42%, increase in average loans (including loans held for sale) as a result of organic growth and the acquisition of First Capital and a $10.6 million, or 2%, increase in average marketable securities, offset by a $5.3 million, or 9%, decrease in average other earning assets.

Net interest margin was 3.78% in 2016Q1, representing a 26 basis point increase from 3.52% in 2015Q4 and a 6 basis point decrease from 3.84% in 2015Q1. The increase in net interest margin from 2015Q4 resulted primarily from a 32 basis point increase in yield on loans to 4.80%, driven by the recognition of the acquired performing fair value mark related to the acquisition of First Capital loans, strong fee income and the addition of higher yielding loans from First Capital. Offsetting the increase in yield on average earning assets, the cost of interest-bearing liabilities increased 12 basis points to 0.63%, driven by a full quarter of interest related to the $30.0 million senior unsecured term loan incurred in December 2015 and an increase in the cost of wholesale funding following the Federal Reserves’ action to raise short-term interest rates. The reduction in net interest margin from 2015Q1 resulted primarily from a 4 basis point decrease in yield on loans, due primarily to lower interest rates on new loans partially offset by the recognition of the acquired performing fair value mark related to First Capital and a 22 basis point increase in the cost of interest-bearing liabilities.

The company reported $556,000 of provision expense in 2016Q1 to support organic loan growth, compared to $409,000 of provision recorded in 2015Q4, and a provision of $180,000 in 2015Q1. Allowance for loan loss levels decreased to 0.43% of total loans at 2016Q1 compared to 0.52% at 2015Q4 due to the addition of First Capital loans for which no allowance was booked in accordance with purchase accounting standards.

Noninterest income increased $204,000, or 5%, to $4.7 million in 2016Q1, compared to $4.5 million in 2015Q4 and increased $226,000, or 5%, compared to $4.5 million in 2015Q1. The increase from 2015Q4 was driven primarily by a $617,000, or 166%, increase in BOLI income due in part to death benefits received in 2016Q1 ($402,000 in 2016Q1, $0 in 2015Q4 and $272,000 in 2015Q1). Other increases include a $50,000, or 3%, increase in service charges on deposit accounts and a $76,000, or 11%, increase in mortgage banking income. Partially offsetting these increases was (i) an $84,000, or 9%, decrease in income from wealth management activities due to a decrease in assets under management for the period; (ii) a $369,000, or 84%, decrease in income from capital market activities due to fewer transactions and a higher credit valuation adjustment and (iii) a $74,000, or 11%, decrease in ATM and card income as transactions shift from non-PIN to PIN-based when comparing 2016Q1 and 2015Q4. The increase in noninterest income from 2015Q1 reflects higher BOLI death benefits as noted above, as well as higher service charges on deposit accounts and lower amortization on the FDIC loss share indemnification asset and true-up liability expense, offset partially by lower income from capital market activities and wealth management activities and lower mortgage banking income.

Noninterest expenses increased $7.8 million, or 42%, to $26.2 million in 2016Q1 compared to $18.4 million in 2015Q4, and increased $7.0 million, or 37%, compared to $19.1 million in 2015Q1. Adjusted noninterest expenses, which exclude merger-related expenses ($5.2 million in 2016Q1, $1.4 million in 2015Q4 and $122,000 in 2015Q1), increased $4.0 million, or 24%, to $21.0 million in 2016Q1 compared to $17.0 million in 2015Q4, and increased $1.9 million, or 10%, compared to $19.0 million in 2015Q1. Overall the increase in adjusted noninterest expenses from 2015Q4 was due primarily to a $2.7 million increase in salaries and compensation expense due to the addition of First Capital employees, as well as an increase in the incentive accrual in 2016Q1 as compared to 2015Q4, as the prior quarter included a year-end incentive accrual reduction. Other increases from 2015Q4 include occupancy and equipment expense, data processing expense, legal and professional fees, deposit charges and FDIC insurance expense, postage and supplies, advertising and promotion and core deposit intangibles, all of which were due primarily to the merger with First Capital. The net cost of operation of OREO also increased compared to 2015Q4, as 2016Q1 included a loss on the sale of a branch that had been transferred to OREO in 2015. The above increases were partially offset by a $157,000 decrease in loan and collection expenses and a $52,000 decrease in the loss on disposal of assets, as 2015Q4 included branch closure costs.

The company’s effective tax rate increased to 40.6% in 2016Q1, due in part to certain non-deductible merger-related expenses and adjustments made to deferred tax assets for the true-up in tax rates and re-measurement due to the First Capital merger, compared to 34.1% in 2015Q4 and 32.5% in 2015Q1.

Balance Sheet

Total assets increased $639.5 million, or 25%, to $3.2 billion at 2016Q1 compared to total assets of $2.5 billion at 2015Q4 primarily as a result of the merger with First Capital. Cash and equivalents increased $10.9 million, or 15%, to $81.2 million and total securities, including non-marketable securities, increased $11.7 million, to $514.4 million. Total loans, excluding loans held for sale, increased $537.3 million, or 31% annualized, to $2.3 billion at 2016Q1 from 2015Q4. The company’s metropolitan markets, which include Charlotte, Raleigh and Wilmington, North Carolina, Greenville and Charleston, South Carolina and Richmond, Virginia, reported a $550.3 million, or 57%, increase in total loans to $1.5 billion, due to the addition of First Capital which added $500 million in loans in the Richmond market, as well as continued success in origination efforts. The community markets reported a $13.5 million, or 4%, decrease in total loans to $349.0 million, primarily due to more limited attractive lending opportunities. The company’s central business units, which primarily include mortgage, builder finance, private banking and special assets remained flat as growth in mortgage, private banking and builder finance offset reductions in special asset loans, including covered loans.

The merger with First Capital led to a shift in loan mix at 2016Q1 compared to 2015Q4. The combination of commercial and industrial and owner-occupied real estate loans decreased from 33.2% to 31.1% of total loans and investor-owned commercial real estate loans increased from 29.1% to 31.7% of total loans. Acquisition, construction and development loans increased to 14.2% from 9.4% of total loans. Total consumer loans decreased to 22.5% from 27.7% of total loans, with home equity lines of credit decreasing to 7.8% from 9.0% of total loans, residential mortgages decreasing from 12.9% to 10.3% of total loans and other consumer (including residential construction) decreasing from 5.8% to 4.3% of total loans.

In terms of accounting designations, compared to 2015Q4: (i) non-acquired loans, which include certain renewed and/or restructured acquired performing loans that are re-designated as non-acquired, increased $80.1 million, or 6%, to $1.5 billion; (ii) acquired performing loans increased $446.1 million, or 159%, to $726.0 million; and (iii) purchase credit impaired (“PCI”) loans increased $11.2 million, or 12%, to $106.1 million. At 2016Q1, noncovered performing acquired loans (which totaled $724.7 million) included a $6.0 million net acquisition accounting fair market value adjustment, representing a 0.82% “mark;” noncovered PCI loans (which totaled $91.2 million) included a $23.8 million adjustment, representing a 20.7% “mark;” and covered performing acquired and PCI loans (which totaled $16.3 million) included a $3.7 million adjustment, representing an 18.7% “mark.”

Total deposits increased $545.3 million, or 28%, to $2.5 billion at 2016Q1, compared to $2.0 billion at 2015Q4 due primarily to the merger with First Capital. Noninterest bearing demand deposits increased $118.2 million, or 34%, to $469.0 million (19% of total deposits). Non-brokered money market, NOW and savings deposits increased $194.9 million, or 20%, to $1.2 billion (48% of total deposits). Time deposits less than $250,000 increased $151.3 million, or 37%, to $556.7 million (22% of total deposits) and time deposits greater than $250,000 increased $48.9 million, or 69%, to $119.9 million (5% of total deposits). Finally, brokered deposits increased $32.1 million, or 25%, to $160.5 million (6% of total deposits). Core deposits, which exclude time deposits greater than $250,000 and brokered deposits, represented 88.8% of total deposits at 2016Q1 and 89.8% of total deposits at 2015Q4.

Total borrowings increased $28.8 million, or 12%, to $268.0 million at 2016Q1 compared to $239.3 million at 2015Q4. Borrowings at 2016Q1 included $205.0 million in FHLB borrowings, $30.0 million in a senior unsecured term loan at the bank holding company level, and $33.0 million of acquired trust preferred securities, net of acquisition accounting fair market value adjustments.

Total shareholders’ equity increased $64.8 million, or 23%, to $349.5 million at 2016Q1 compared to $284.7 million at 2015Q4. This increase primarily resulted from the issuance of 8,376,094 shares of common stock, valued at $61.3 million (based on the $7.32 per share closing price on the last trading day prior to consummation), as the stock component of the merger with First Capital. The company’s ratio of tangible common equity to tangible assets decreased to 8.87% at 2016Q1 from 9.93% at 2015Q4. The company’s Common Equity Tier 1 (“CET1”) ratio decreased to 10.85% at 2016Q1 compared to 12.98% at 2015Q4 due to an increase in risk weighted assets. The company’s Tier 1 leverage ratio was 9.76% at 2016Q1 compared to 11.00% at 2015Q4.

Asset Quality

Asset quality remains a point of strength for the company. Nonperforming assets were $14.0 million at 2016Q1, or 0.44% of total assets, compared to $13.7 million at 2015Q4, or 0.54% of total assets, an increase of $292,000, or 2%. Nonperforming loans were $9.6 million at 2016Q1, and represented 0.42% of total loans, compared to $8.3 million at 2015Q4, or 0.47% of total loans, an increase of $1.3 million, or 16%. The increase in nonperforming loans was due primarily to two relationships. One of the relationships totaling $1.5 million became past due during the quarter; however a sales contract for the underlying collateral is in place and full resolution is anticipated in the near future. The company reported net recoveries of $212,000, or 0.04% of average loans (annualized), in 2016Q1, compared to net charge-offs of $87,000, or 0.02% of average loans (annualized), in 2016Q1.

The allowance for loan losses increased $768,000, or 8%, to $9.8 million, or 0.43% of total loans, at 2016Q1, compared to $9.1 million, or 0.52% of total loans, at 2015Q4. The increase in allowance included (i) a $762,000, or 33%, decrease in the quantitative component, resulting from lower historic loss rates due to a net recovery in 2016Q1 and (ii) a $1.5 million or 23%, increase in the qualitative component, reflecting management’s judgment of inherent loss in the loan portfolio not represented in historic loss rates.

During the first quarter of 2011, and as contemplated in Park Sterling Bank’s 2010 public offering, 568,260 shares of restricted stock were issued but will not vest until the company’s share price achieves certain performance thresholds above the equity offering price (these restricted shares vest one-third each when the share price reaches, for 30 consecutive days, $8.125, $9.10 and $10.40 per share, respectively). The performance thresholds of the remaining restricted shares have not yet been achieved (436,590 of these restricted shares remained outstanding at 2016Q1). Accordingly, these additional shares have been excluded from earnings and tangible book value per share calculations. As of March 31, 2016, 131,670 of these shares have either been forfeited or vested in accordance with agreements between the Company and its executive officers.

Conference Call

A conference call will be held at 8:30 a.m., Eastern Time this morning (April 28, 2016). The conference call can be accessed by dialing (877) 512-1104 and requesting the Park Sterling Corporation earnings call. Listeners should dial in 10 minutes prior to the start of the call. The live webcast and presentation slides will be available on www.parksterlingbank.com under Investor Relations, “Investor Presentations.”

A replay of the webcast will be available on www.parksterlingbank.com under Investor Relations, “Investor Presentations” shortly following the call. A replay of the conference call can be accessed approximately one hour after the call by dialing (877) 344-7529 and requesting conference number 10083664.

About Park Sterling Corporation

Park Sterling Corporation, the holding company for Park Sterling Bank, is headquartered in Charlotte, North Carolina. Park Sterling, a regional community-focused financial services company with $3.2 billion in assets, is the largest community bank headquartered in the Charlotte area and has 57 banking offices stretching across the Carolinas and into North Georgia, as well as in Richmond, Virginia. The bank serves professionals, individuals, and small and mid-sized businesses by offering a full array of financial services, including deposit, mortgage banking, cash management, consumer and business finance, capital markets and wealth management services with a commitment to “Answers You Can Bank On^SM.” Park Sterling prides itself on being large enough to help customers achieve their financial aspirations, yet small enough to care that they do. Park Sterling is focused on building a banking franchise that is noted for sound risk management, strong community focus and exceptional customer service. For more information, visit www.parksterlingbank.com. Park Sterling Corporation shares are traded on NASDAQ under the symbol PSTB.

Non-GAAP Financial Measures

Tangible assets, tangible common equity, tangible book value, adjusted net income, adjusted net interest margin, adjusted operating revenues, adjusted noninterest income, adjusted noninterest expenses, adjusted operating expense, adjusted allowance for loan losses, and related ratios and per share measures, including adjusted return on average assets and adjusted return on average equity, as used throughout this release, are non-GAAP financial measures. For additional information, see “Reconciliation of Non-GAAP Financial Measures” in the accompanying tables.

Cautionary Statement Regarding Forward Looking Statements

This news release contains, and Park Sterling and its management may make, certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts and often use words such as “may,” “plan,” “contemplate,” “anticipate,” “believe,” “intend,” “continue,” expect,” “project,” “predict,” “estimate,” “could,” “should,” “would,” “will,” “goal,” “target” and similar expressions. These forward-looking statements express management's current expectations or forecasts of future events, results and conditions and, by their nature, are subject to risks and uncertainties and there are a number of factors that could cause actual results to differ materially from those in such statements. Factors that might cause such a difference include, but are not limited to: synergies and other financial benefits from the merger with First Capital Bancorp, Inc. (“First Capital”) may not be realized within the expected time frames; costs or difficulties related to integration matters might be greater than expected; changes in loan mix, deposit mix, capital and liquidity levels, emerging regulatory expectations and measures, net interest income, noninterest income, noninterest expense, credit trends and conditions, including loan losses, allowance for loan loss, charge-offs, delinquency trends and nonperforming asset levels, deterioration in the credit quality of the loan portfolio or the value of collateral securing loans, deterioration in the value of securities held for investment, the impacts of a potential increasing rate environment, and other similar matters; inability to identify and successfully negotiate and complete additional combinations with other potential merger partners or to successfully integrate such businesses into Park Sterling, including the company’s ability to adequately estimate or to realize the benefits and cost savings from and limit any unexpected liabilities acquired as a result of any such business combinations; failure to generate an adequate return on investment related to new branches or other hiring initiatives; inability to generate future organic growth in loan balances, retail banking, wealth management, mortgage banking or capital markets results through the hiring of new personnel, development of new products, including new online and mobile banking platforms for treasury services, opening of de novo branches or otherwise; inability to capitalize on identified revenue enhancements or expense management opportunities, including the inability to achieve or maintain adjusted operating expense to adjusted operating revenue targets; inability to generate future ATM and card income from marketing expenses; variability in the performance of covered loans and associated loss-share related expenses; the effects of negative or soft economic conditions, including stress in the commercial real estate markets or failure of continued recovery in the residential real estate markets; changes in consumer and investor confidence and the related impact on financial markets and institutions; the possibility of recognizing other than temporary impairments on holdings of collateralized loan obligation securities as a result of the Volcker Rule; the potential impacts of any government shutdown or debt ceiling impasse, including the risk of a U.S. credit rating downgrade or default, or continued global economic instability, which could cause disruptions in the financial markets, impact interest rates, and cause other potential unforeseen consequences; fluctuations in the market price of the common stock, regulatory, legal and contractual requirements, other uses of capital, financial performance, market conditions generally, and future actions by the board of directors, in each case impacting repurchases of common stock or declaration of dividends; legal and regulatory developments, including changes in the federal risk-based capital rules; increased competition from both banks and nonbanks; changes in accounting standards, rules and interpretations, inaccurate estimates or assumptions in accounting, including acquisition accounting fair market value assumptions and accounting for purchased credit-impaired loans, and the impact on Park Sterling’s financial statements; and management’s ability to effectively manage credit risk, market risk, operational risk, legal risk, and regulatory and compliance risk.

You should not place undue reliance on any forward-looking statement and should consider all of the preceding uncertainties and risks, as well as those more fully discussed in any of Park Sterling’s filings with the SEC. Forward-looking statements speak only as of the date they are made, and Park Sterling undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.

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For additional information contact:

Donald K. Truslow

Chief Financial Officer

(704) 716-2134

don.truslow@parksterlingbank.com

PARK STERLING CORPORATION

CONDENSED CONSOLIDATED INCOME STATEMENT

THREE MONTH RESULTS

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PARK STERLING CORPORATION                     

CONDENSED CONSOLIDATED BALANCE SHEETS                     

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SUMMARY OF LOAN PORTFOLIO

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PARK STERLING CORPORATION

ALLOWANCE FOR LOAN LOSSES

THREE MONTH RESULTS

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PARK STERLING CORPORATION

AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS

THREE MONTHS

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PARK STERLING CORPORATION

SELECTED RATIOS

($ in thousands, except per share amounts)

Non-GAAP Financial Measures

Tangible assets, tangible common equity, tangible book value, adjusted net income, adjusted noninterest income, adjusted operating revenues, adjusted noninterest expense, adjusted operating expenses, adjusted allowance for loan losses, and related ratios and per share measures, including adjusted return on average assets and adjusted return on average equity, as used throughout this release, are non-GAAP financial measures. Management uses (i) tangible assets, tangible common equity and tangible book value (which exclude goodwill and other intangibles from equity and assets), and related ratios, to evaluate the adequacy of shareholders’ equity and to facilitate comparisons with peers; (ii) adjusted allowance for loan losses (which includes net FMV adjustments related to acquired loans) as supplemental information for comparing the combined allowance and fair market value adjustments to the combined acquired and non-acquired loan portfolios (fair market value adjustments are available only for losses on acquired loans); and (iii) adjusted net income and adjusted noninterest income (which exclude merger-related expenses and gain or loss on sale of securities, as applicable), adjusted noninterest expense (which excludes merger-related expenses), adjusted operating expense (which excludes merger-related expenses and amortization of intangibles) and adjusted operating revenues (which includes net interest income and noninterest income and excludes gain or loss on sale of securities, as applicable) to evaluate core earnings and to facilitate comparisons with peers.

PARK STERLING CORPORATION                     

RECONCILIATION OF NON-GAAP MEASURES                     

($ in thousands, except per share amounts)